I still remember the days of studying dynamic optimization in my advanced macroeconomic class in the MPA/ID program. A few students like myself once moaned about the difficulty and “irrelevance” of dynamic optimization to the real world. Indeed, “optimal control”, a key approach to dynamic optimization, was developed in the 1950s during the space race, and […]
Chinese around the globe were outraged by a comment by a boy on Jimmy Kimmel Live, in which he joked about killing Chinese people to help erase the U.S. debt. ABC swiftly apologized, saying the network “would never purposefully broadcast anything to upset the Chinese community, Asian community, anyone of Chinese descent or any community at large.” According […]
I applaud President Obama’s decision to nominate Janet Yellen to be the next Fed chairwoman — indeed, the first chairwoman in the Fed’s history. This is very much a victory of the public: the White House clearly favored the other top candidate Lawrence Summers, and if it weren’t the strong opposition by the general public […]
Bad money drives out good. But does virtual money drives out real? That sounds a laughable idea at first: why would people want to pay real dollars for virtual currencies at all? And albeit Bitcoin’s “monetary supply” is determined by strict rules, which require super-computer to solve processor-intensive equations so that the supply of Bitcoin would […]